TY  - GEN
AB  - This book comprehensively and scientifically tests the assertion that accommodative monetary policy can eliminate the "crowd out" problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem. The book, employing the best scientific methods available to economists, concludes it could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one years crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didnt accommodate: too little of it was tried. The book also tests whether other changes in loanable funds, occurring because of natural changes in the economy or the savings rate can also offset crowd out, and concludes it can. Its companion volume Why Fiscal Stimulus Programs Fail, Volume 1: The Limits of Accommodative Monetary Policy in Practice explores the policy implications of these results. John J. Heim is Visiting Professor at University of Albany-SUNY, and retired Clinical Professor of Economics at Rensselaer Polytechnic Institute, both in New York, USA
AU  - Heim, John J.,
CN  - HJ241
DO  - 10.1007/978-3-030-64727-8
DO  - doi
ID  - 1434932
KW  - Fiscal policy
KW  - Economic stabilization
KW  - Politique fiscale
KW  - Stabilisation économique
LK  - https://univsouthin.idm.oclc.org/login?url=https://link.springer.com/10.1007/978-3-030-64727-8
N2  - This book comprehensively and scientifically tests the assertion that accommodative monetary policy can eliminate the "crowd out" problem, allowing fiscal stimulus programs (such as tax cuts or increased government spending) to stimulate the economy as intended. The book is intended to be the largest scale scientific test ever performed on this topic. It includes about 800 separate statistical tests on the U.S. economy testing different parts or all of the period 1960 2010. These tests focus on whether accommodative monetary policy, which increases the pool of loanable resources, can offset the crowd out problem. The book, employing the best scientific methods available to economists, concludes it could have, but until the quantitative easing program, Federal Reserve efforts to accommodate fiscal stimulus programs were not large enough to offset more than 23% to 44% of any one years crowd out problem. That provides the science part of the answer as to why accommodative monetary policy didnt accommodate: too little of it was tried. The book also tests whether other changes in loanable funds, occurring because of natural changes in the economy or the savings rate can also offset crowd out, and concludes it can. Its companion volume Why Fiscal Stimulus Programs Fail, Volume 1: The Limits of Accommodative Monetary Policy in Practice explores the policy implications of these results. John J. Heim is Visiting Professor at University of Albany-SUNY, and retired Clinical Professor of Economics at Rensselaer Polytechnic Institute, both in New York, USA
SN  - 9783030647278
SN  - 3030647277
T1  - Why fiscal stimulus programs fail.
TI  - Why fiscal stimulus programs fail.
UR  - https://univsouthin.idm.oclc.org/login?url=https://link.springer.com/10.1007/978-3-030-64727-8
ER  -